The 2013 International Narcotics Control Strategy Report (“INCSR“) published this month by the U.S. Department of State, particularly volume I on the drug trafficking trade, is more favourable of Canada than the last two years, primarily as a result of the enactment in Canada of the Omnibus Crime Bill C-10, know as the Safe Streets and [...]
The European Commission today implemented new directives (the “Directive“) to combat money laundering and terrorist financing activities in Europe in response to the revised FATF Recommendations issued a year ago that require a more risk-based approach.
On Monday, Canada’s immigration minister, Jason Kenney, will move forward with legislation to facilitate the removal of foreign criminals from Canada. Bill C-43, entitled the Faster Removal of Foreign Criminals Act, will amend the Immigration and Refugee Protection Act in the following ways: Certain foreign nationals convicted of a criminal offence in Canada will be [...]
According to Bloomberg News, the AG for Switzerland opened a criminal probe of UBS AG on August 29 as a result of a complaint filed by Bruno Manser Fund, a rain-forest advocacy group, that alleged that UBS AG allowed its bank to be used to launder proceeds of crime from Musa Aman, Chief Minister of [...]
Colin Dines, a retired British judge and former criminal law lawyer, is being extradited from London to Rome to face charges by an Italian magistrate that he was part of a transnational criminal organization complicit in laundering £344 million at the behest of the mafia. In 2010, an European Arrest Warrant (“EAW”) was issued against [...]
Today, the Paris-based Financial Action Task Force (FATF) released its long anticipated revised set of standards for anti-money laundering (AML) and counter terrorist financing (CTF) which replace the 40 Recommendations + 9 Special Recommendations compiled in 2003. The revised FATF Recommendations integrate AML and CTF controls into one document and are quite expansive in that they [...]
The Canadian government announced that it is undertaking a potentially significant revision to its anti-money laundering (AML) and counter terrorist financing (CTF) regime. The proposed changes are in addition to those proposed by the government in November 2011. In its Consultation Paper entitled “Strengthening Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime”, the government is proposing [...]
The U.S. Attorney has filed a money laundering complaint commencing an in rem forfeiture action against the Lebanese Canadian Bank and others, seeking penalties of US$446 million in connection with what it says was a money laundering scheme operated by the Bank. The action is one of the first trade-based money laundering cases. As part of the alleged [...]
The Swiss government has announced that it has frozen several bank accounts that it suspects belong to departed Egyptian leader Hosni Mubarak, his family and close associates, until the source of funds can be verified. Mubarak’s wealth is estimated to be €51 billion; a large portion of it is said to be held in bank [...]
The Financial Crimes Enforcement Network has issued an advisory to U.S. financial institutions to take special precaution when dealing with funds from Tunisian politically exposed persons because of the increased money laundering risk if those funds are from the proceeds of crime (e.g. misappropriated or diverted State assets, proceeds of bribery, public corruption or other [...]